18JUN2016 looks more like a SAS date than a SAS time or a SAS datetime, but, of course, it could be a SAS datetime value, formatted as a date.
Assuming those times are SAS datetimes, you can assign them to the center of 10 minute bins with:
data myData10min;
set myData;
time10min = intnx("minute10.", time, 0, "MIDDLE");
run;
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